Serbian Oil and Gas Company to Widen Oil Exploration Activities in Southeast Europe

Naftna Industrija Srbije AD, an OAO Gazprom-controlled oil and gas company in Serbia, plans to widen its oil exploration activities to 10 countries in Southeast Europe to hit a production target for 2020.

Currently, the comprehensive E&P company primarily operates in Serbia, with locations in Hungary, Bosnia-Herzegovina and Romania as well. In the future, the company is considering investing in oil fields located in places like Slovenia, Albania, Greece, Croatia, and Montenegro.

The company is planning to utilize two options for development. One is purchasing stakes in smaller firms and projects. The second is creating partnerships with huge companies in the region. Moreover, it said that it is planning to triple its production to an oil equivalent of 5 million tons by 2020.

In Greece, the Serbian E&P company is planning to partner with Energean Oil & Gas SA and join a bid for onshore and offshore sites. Meanwhile, in Slovenia, it said that it is almost closing a deal for a concession with Ascent Resources Plc., a company based in London. Moreover, it will bid in an oil exploration tender in Croatia.

Further, it is planning an oil investment in offshore exploration blocks, located in Montenegro, in collaboration with other interested firms. It may also participate in projects in Bulgaria and Albania, but it did not provide any details.

NIS expects talks with Colorado-based Falcon Oil & Gas Ltd to be finalized soon regarding a partnership work on two sites for oil exploration located in Hungary, on top of its contract with Rohoel Aufsuchungs AG for oil exploration and production close to the southern part of the country, near Kiskunhalas.